PSAR-Support Resistance

traderharikrishna Updated   
Parabolic Support Resistance -PSAR SR is based on the Dynamic Reversal Points of Price. This indicator eliminates the false signals of regular Parabolic SAR (Stop and Reverse). The Price of previous SAR Reversal point is plotted as Support and Resistance. The idea is to trade only after the previous reversal point is crossed and a new candle formation above / below the support resistance lines.
Price moves sideways in between the S/R Lines mostly.

Buy and Sell Signals are based on normal P-SAR settings however this S/R must be considered. Please be aware that the indicator cannot be used as a stand alone. Please make required confirmations before going into action.

Disclaimer: Please use it at your own Risk.
Release Notes:
Added Alert
Added MTF Support for SAR S/R
EMA Lines Plotted for Confirmations
Release Notes:
PSAR Cloud Support Resistance Enabled.
* By Plotting SR lines by 10 candles, this SR Cloud acts as a Parabolic SAR S/R using previous 10 candles. Its easy to take trades in sideways market.
* During Sideways Candles swing between the Hi and Low of the Cloud.
* Plot from Higher Timeframe provides extra Support.
I have used offset=10 and timeframe=15 on a 5min chart for demonstration
*Avoid Trades when price moves into the cloud.
* Working is similar to inchimoku cloud. But here we use Parabolic SAR to provide dynamic support and resistance.
*stop loss can be placed below the candles first line of the cloud.
* take profit can be the projected cloud which acts as S/R

Please make sure you use HA candles that provides extra confirmation of trend

Open-source script

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